Evolv Technologies (NASDAQ:EVLV) Receives "Overweight" Rating from Cantor Fitzgerald

Evolv Technologies (NASDAQ:EVLV - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities researchers at Cantor Fitzgerald in a note issued to investors on Thursday, Benzinga reports. They presently have a $8.00 price target on the stock. Cantor Fitzgerald's target price points to a potential upside of 79.78% from the company's previous close.

Evolv Technologies Stock Up 22.6 %

Evolv Technologies stock traded up $0.82 during midday trading on Thursday, hitting $4.45. The company's stock had a trading volume of 8,800,917 shares, compared to its average volume of 1,399,994. The stock's 50-day moving average price is $4.31 and its 200-day moving average price is $4.42. The company has a market capitalization of $677.20 million, a PE ratio of -6.07 and a beta of 1.37. Evolv Technologies has a 12 month low of $2.79 and a 12 month high of $8.30.

Evolv Technologies (NASDAQ:EVLV - Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.03. Evolv Technologies had a negative return on equity of 47.56% and a negative net margin of 132.13%. The business had revenue of $21.82 million during the quarter, compared to analyst estimates of $18.81 million. As a group, equities analysts anticipate that Evolv Technologies will post -0.48 EPS for the current year.

Insider Activity at Evolv Technologies

In other news, Director David Mounts Gonzales bought 50,000 shares of the business's stock in a transaction on Wednesday, March 6th. The shares were bought at an average cost of $3.86 per share, with a total value of $193,000.00. Following the purchase, the director now directly owns 50,000 shares in the company, valued at $193,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director David Mounts Gonzales acquired 50,000 shares of the business's stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average price of $3.86 per share, with a total value of $193,000.00. Following the completion of the transaction, the director now owns 50,000 shares of the company's stock, valued at $193,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Ellenbogen sold 41,667 shares of Evolv Technologies stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $4.22, for a total value of $175,834.74. Following the sale, the insider now directly owns 2,030,346 shares in the company, valued at approximately $8,568,060.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,823 shares of company stock worth $458,207. 12.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Evolv Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. CSS LLC IL increased its holdings in shares of Evolv Technologies by 4,868.4% during the fourth quarter. CSS LLC IL now owns 516,961 shares of the company's stock worth $221,000 after buying an additional 506,556 shares in the last quarter. Swiss National Bank boosted its position in Evolv Technologies by 26.3% in the 2nd quarter. Swiss National Bank now owns 177,300 shares of the company's stock valued at $1,064,000 after buying an additional 36,900 shares during the last quarter. Citigroup Inc. increased its position in Evolv Technologies by 2,079.6% in the second quarter. Citigroup Inc. now owns 35,636 shares of the company's stock worth $214,000 after purchasing an additional 34,001 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Evolv Technologies by 16.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 638,969 shares of the company's stock valued at $3,834,000 after purchasing an additional 90,652 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Evolv Technologies during the 2nd quarter worth approximately $3,378,000. Institutional investors own 66.65% of the company's stock.

About Evolv Technologies

Evolv Technologies Holdings, Inc provides artificial intelligence (AI)-based weapons detection for security screening in the United States and internationally. Its products include Evolv Express, a touchless security screening system designed to detect firearms, improvised explosive devices, and tactical knives; and Evolv Insights that provides self-serve access, insights regarding visitor flow and arrival curves, location specific performance, system detection performance, and alarm statistics.